Reliance, Niko find oil in KG basin
Mumbai: Reliance Industries and its Canadian partner, Niko Resources, have discovered oil in the hydrocarbon-rich Krishna-Godavari basin according to a notice on the website of Niko Resources, dated December 15.

The notice said the companies have discovered a column of gas condensate of 170m and 24m of oil-bearing hydrocarbons. RIL holds 90 per cent in the block while Niko holds 10-per cent stake.

The company plans to start production from the second quarter of 2008.
Back to News Review index page  

Nalco plans to set up smelter overseas
Kolkata: National Aluminium Company (Nalco) which is investing Rs4,091 crore for capacity addition in smelter, captive power and mining, has short-listed countries like Indonesia, Vietnam, West Asia and Tajikisthan for its proposed overseas smelter.

According to C R Pradhan, chairman and managing director of Nalco there was high possibility that the smelter could come up in Indonesia.

He said the company will be left with 1.2 million exportable surplus of alumina by the end of 2008.
Back to News Review index page  

Maruti, M&M, Hyundai most trusted companies
New Delhi: Maruti Udyog has come out as the 'most trusted' passenger car company of the country, followed by Mahindra & Mahindra and Hyundai India according to a survey by global research firm TNS.

In the commercial vehicle segment, Tata Motors was adjudged the most trusted company, while Hero Honda topped the charts in the two-wheeler segment.

TNS named MRF as the most trusted company in tyres business and Bharat Petroleum in oil.

In addition to creating jobs and improving quality of life, both Maruti and Hero Honda are seen as making safe products and so is MRF, TNS said in a release on Monday.

Globally, Toyota received highest ratings for manufacturing safe products, promoting road safety and using innovation and technology to sustain the environment.

BMW was ranked the second best car company globally while Honda stayed at the third position. The rankings are based on a global corporate social responsibility (CSR) conducted by TNS to understand public's perceptions of automotive industry with regard to corporate ethics, social responsibility, environmental policies and philanthropic activities.
Back to News Review index page  

Glenmark receives 25-mn euro from Merck
New Delhi: Glenmark Pharmaceuticals has received a payment of 25 million Euro (about Rs147.5 crore) from German drug firm Merck KgaA as upfront payment toward an under-development diabetes drug.

Glenmark is developing an oral drug to treat diabetes and it is in the second phase of clinical trials in South Africa and India.

The company had entered into a licensing agreement with Merck as per which, Merck would develop, register and commercialise the anti-diabetes drug, GRC 8200, in North America, Europe and Japan while Glenmark would retain commercialisation rights for other markets in the world. Merck would bear all costs of the ongoing studies and would also be responsible for planning, managing and sponsoring all development activities in the future, the statement said.

The licensing agreement is valued at around 190 million Euro.
Back to News Review index page  

Audi to produce cars in India from next year
New Delhi: German luxury car manufacturer Audi will start production of vehicles in India by next year, utilising Skoda Auto's facility at Aurangabad and would float a new sales company.

Audi will start assembling the Audi A6 for the Indian market in Aurangabad next year, the Volkswagen group company said in a statement, adding that it would take the completely knocked down (CKD) route. In the first full year of production by 2008, it expected to assemble over 300 units of its luxury Sedan A6 and sell about 3,000 units by 2010. This year, the company is aiming to sell around 300 vehicles.

Audi would also create a sales company to be based in Mumbai by early 2007, the company said. The Volkswagen group company said its India strategy envisaged expansion of dealer network over the next few years to provide at least eight exclusive Audi dealers in central locations.
Back to News Review index page  

Binani Industries directed to close down Kerala zinc unit
Mumbai: Binani Industries has been directed by the Kerala Pollution Control Board to close all operations and processes of its subsidiary, Binani Zinc immediately due to alleged water pollution, the company said in a statement.
Back to News Review index page  

Venus gets certification from Columbia for Baddi facility
Mumbai: Venus Remedies has received the Good Manufacturing Practice certification from the Columbian Drug Authorities for its Baddi facilities in Himachal Pradesh.

With this, the company would be able to export its products to Columbia and to more than 10 other South American countries where this certification is recognised the company informed the BSE.

The company has been awarded the certification after a week long inspection by a team from the Instituto Nacional de Vigilancia de Medicamentos Y Alimentos (INVIMA), Ministerio de la Proteccion Social, Republic of Columbia for its newly built Cephalospor ins, Carbapenem and Oncology facilities.

The company received good response from a number of parties in Columbia, Venezuela, Ecuador, Chile and Peru after the recently concluded.
Back to News Review index page  

Tata Motors to manufacture pick-up trucks in Thailand
Mumbai: Tata Motors has said it would manufacture pick-up trucks in Thailiand in collaboration with Thonburi Automotive Assembly Plant.

The company would invest 70 per cent equity in the Rs120-crore joint venture project and is looking at sales of 30,000 vehicles within three years. The JV will initially have a capacity of 12,000 vehicles on a single-shift basis.

As per the agreement, both partners would jointly manage the operation for production and marketing of the product to be sold in Thailand and also exported to other potential markets in the region.

The new pick-up truck will be the right product for both domestic and export markets," Robru Viriyaphant, managing director of Thonburi, said.
Back to News Review index page  

Lanco, Tata Power to build ultra mega power projects
Mumbai: Lanco Infratech, in assocation with the Singapore-based Globleq, has won the bid for the country's first ultra mega power project – in Sasan in Madhaya Pradesh. Lanco outbid Tata Power, Reliance Energy and NTPC by offering a price of Rs1.19 per unit. The ministry had set a benchmark of Rs1.60 per unit.
Lanco has raised around Rs1,000 crore from the equity markets to fund its power projects in October.

Lanco is currently implementing projects to the tune of 3275 megawatts in Andhra Pradesh and Tamil Nadu.

Another company that has bagged mega power projects is Tata Power Company which emerged as the lowest bidder for the 4,000 MW Mundra ultra mega power project with a tariff of Rs2.26 per unit.

State-run Power Finance Corporation, the nodal agency that conducted the bidding for the projects, opened the price bids of the six contenders today for the imported coal-based plant.

Other companies in the fray were Larsen & Toubro, Essar Power, Vedanta group firm Sterlite and Adani Exports.
Back to News Review index page  

Essar Shipping plans to acquire oil drilling rigs for Rs1800-cr
Mumbai: Essar Shipping plans to invest Rs1,800 crore in acquiring 14 offshore and onshore oil drilling rigs, in a bid to re-enter the oil and gas drilling business.

The investment will be made by Dubai- based Essar Oilfields Services (EOSL), a wholly owned subsidiary of Essar Shipping, a company press release said.

This is the company's second foray into the drilling business.

Worldwide, current rig utilisation is around 98 per cent of the available capacity and expected to be sustained over the next 3-5 years.

Contract drilling rates have nearly doubled in the last three years and are forecast to remain robust.
Back to News Review index page  

JSW may set up alumina plant in Vizianagaram
Hyderabad: Jindal Steel Works' alumina smelter plant may be located in Vizianagaram district, as the company is confident of acquiring 1,500 acres of land there. The project, with a phase one investment of Rs4,000 crore in a refinery, was originally planned at Sabbavaram village, about 60 km in the neighbouring district of Visakhapatnam.

The company said the State Government had offered 1,500 acres in S. Kota in Vizianagaram, of which 200 acres belong to private parties.

Andhra Pradesh Mineral Development Corporation (APMDC), which is partnering with JSW in the project, has agreed to undertake the mining and supply the bauxite ore to the project; hence, the company does not see much controversy or opposition, he said.
Back to News Review index page  

CESC in agreement with BHEL for 250 MW plant
Kolkata: CESC has entered into a Rs854-crore turnkey EPC contract with BHEL for building a 250 MW capacity unit at the power utility's existing thermal power station at Budge Budge. The unit will be set up at an estimated cost of Rs1,100 crore within 36 months from December 24, 2006, the zero date. The EPC package covers supply and installation of major equipment and auxiliary systems for the proposed unit.

The company has placed separate orders with other contractors for the remaining project items, such as switchyard and a 200-m chimney - equivalent to the height of a 70-storey building. The Budge Budge power station already has an installed capacity of 500 MW (2x250 MW).

The proposed unit is part of the capacity expansion plan of the power plant.

Goenka confirmed that necessary clearance for the third unit, including pollution control and environment clearance and other approvals, had already been obtained.
Back to News Review index page  

Ashok Leyland in technology tie up with Australian co
Chennai: Ashok Leyland has entered into a pact with Brehon Energy Plc of Australia for technology for the use of hythane gas in CNG engines. The agreement would enable Ashok Leyland to offer its 6-cylinder `H' series engines to operate on Hythane, a blend of hydrogen and natural gas. Hythane is a cleaner fuel than natural gas.

Currently, Ashok Leyland produces Bharat Stage-III-compliant diesel and CNG engines. The re-engineered engines using Hythane will meet the most stringent emission norms of BS-4, says a press release from the company.
Back to News Review index page